Yes it is possible!!

You can make a bootable drive, but probably will destroy your data. But what you can do, is to copy the entire logical volume to your new disk, that is very easy to do, I have just done!!
It can be done with the command dd that usually is used for complete disk duplicate, but you can duplicate just a logical volume example:
dd if=/dev/vg00/rlvol5 of=/dev/vg01/rlvol5 bs=1024k

Read this topic, for more info ( before backup your data)

Disk duplicate in 10.20